Workers’ remittances rise by 16pc during first 11 months of FY15

ISLAMABAD: Workers’ remittances rise 16 percent during to first eleven months of Fiscal Year 2014-15, ARY News has learnt.

According to the State Bank of Pakistan (SBP), overseas Pakistani workers remitted US $ 16632.76 million in the first eleven months (July to May) of FY15 increasing total remittance to US $16.6 billion, showing a significant growth of 16 percent compared with US $ 14338.38 million received during the same period in the preceding year.

During May 2015, the inflow of worker’s remittances amounted to US $1663.1 million, which is 1.37 percent higher than April 2015 and 15.46 percent higher than May 2014, SBP revealed.

The country wise details for the month of May 2015 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US $528.34 million, US $399.35 million, US $221.1 million, US $194.15 million, US $190.66 million and US $28.5 million respectively compared with the inflow of US $451.14 million, US $290.91 million, US $216.84 million, US $181.04 million, US $164.01 million and US $39.06 million respectively in May 2014.

Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during May 2015 amounted to US $101.0 million together as against US $97.47 million received in May 2014.